Jan GGR at US$ 2.29-2.35 B, casino stock intrinsic value remains intact: HSBC
Thursday 25 de January 2024 / 12:00
2 minutos de lectura
(Macau).- The fundamentals of Macau gaming stocks remain intact, supported by a steady daily gross gaming revenue (GGR) run-rate and solid hotel bookings ahead of the Chinese New Year holiday, brokerage HSBC said in a recent report.
Analysts Charlene Liu, Jessie Lu and Lauren Cai noted that GGR for the first 21 days of January had reached MOP13 billion (US$1.6 billion), implying an average daily run-rate (ADR) of MOP629 million over the past week, an increase of 5 per cent compared to the week prior.
If the remaining days of January maintain a daily GGR run-rate ranging from MOP550-600 million, the full-month GGR is expected to reach MOP 18.5 billion (US$ 2.29 billion) to 19 billion (US$ 2.35 billion), representing a recovery to 74-76 per cent of the 2019 level.
“Near term correction maybe overdone. While the weak consumer spending outlook remains an overhang, steady ADR performance and solid bookings ahead of the CNY suggest fundamentals are intact,” HSBC analysts said.
Of the casino operators, HSBC research team prefers Sands China due to its large hotel inventory and its emphasis on the mass market segment. The analysts also favour MGM China due to its defensive market share and attractive valuation.
The broker cited that year-to-date visitor arrivals track at 70,000-80,000 per day, and the Macau government expects the number to rise to 120,000 during the forthcoming CNY holiday.
“The expectation is not high in our view given it only translates into 70 per cent recovery vs. 2019 CNY level, whereas Oct and Nov 2023 already saw over 85 per cent recovery.”
Categoría:Gaming
Tags: Sin tags
País: Macao
Región: Asia
Event
ICE Barcelona 2026
19 de January 2026
Darío Zutel talks all about Win Systems' presence at ICE Barcelona 2026
(Barcelona, SoloAzar Exclusive).- Darío Zutel, Executive Chairman of Win Systems, reviews the results achieved at ICE Barcelona 2026, highlights the strategic quality of the contacts generated, the momentum of cashless solutions with WIN PAY, and outlines the company's innovation and expansion plans across the Americas, Europe, and other key international markets.
Monday 09 Feb 2026 / 12:00
Air Dice at ICE Barcelona 2026: Building Momentum Through Innovation and Strategic Market Expansion
(Barcelona, SoloAzar Exclusive).- In this interview, Erkki Nikunen, Partner & CBDO of Air Dice, reflects on the company’s performance at ICE Barcelona 2026, the strong reception of its FateQuest series, key industry trends shaping the sector, and Air Dice’s strategic priorities for growth, partnerships, and market expansion in 2026.
Monday 09 Feb 2026 / 12:00
Merkur Group Shines in Barcelona with Triple ICE Triumph
(Espelkamp/Barcelona).- Merkur Group secures three prestigious international accolades for operational excellence, social commitment, and standout exhibition experience.
Friday 06 Feb 2026 / 12:00
SUSCRIBIRSE
Para suscribirse a nuestro newsletter, complete sus datos
Reciba todo el contenido más reciente en su correo electrónico varias veces al mes.